Recently, based on the inter-central bank digital currency cooperation infrastructure construction project, Bank of China completed its first cross-border QR code consumption payment transaction using digital RMB wallet in Laos.
Under the joint guidance of relevant departments of the People's Bank of China and the Central Bank of Laos, the Bank of China was among the first to participate in the cross-border pilot program for cooperation projects on digital payments and central bank digital currencies between the two countries.
Meanwhile, the Vientiane branch of Bank of China was among the first to connect to the People's Bank of China's digital RMB cross-border digital payment platform. Bank of China successfully completed the production verification of QR code payments for merchants in Laos by providing real-time exchange rate quotes and efficient clearing services. This service will significantly lower the threshold for cross-border settlement between China and Laos, achieving a seamless experience throughout the "payment-exchange-clearing" process, bringing a brand-new payment experience to tourists visiting Laos and local merchants.
When Chinese tourists make purchases in Laos, they do not need to exchange for foreign currency. They can simply open the digital yuan app, scan the merchant's QR code, and complete the payment directly in local currency at the real-time exchange rate.
Local Lao merchants can achieve compliant and automatic fund transfers without needing to modify their payment equipment, simply by using existing methods.
Bank of China will take this business launch as an opportunity to continue to promote the interconnection of financial infrastructure between the two countries, provide people of both countries with a more convenient, low-cost, and low-risk new option for cross-border payments, and inject new impetus into the integrated development of payments between China and ASEAN.
